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- Assignment of ownership (1)
- Beneficiaries (1)
- Gross income (1)
- Income tax (1)
- Indemnity payments (1)
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- Insurance policies (1)
- Insurance premiums (1)
- Internal Revenue Code (1)
- Life insurance (1)
- Loss reserve (1)
- Loss-adjustment expenses (1)
- Policyholders (1)
- Property-casualty insurance companies (1)
- Statutory accounting (1)
- Tax Reform Act of 1986 (TRA86) (1)
- Tax loopholes (1)
- Taxpayer Relief Act of 1977 (1)
- Unpaid-losses account (1)
- Publication
Articles 1 - 2 of 2
Full-Text Articles in Law
The Influence Of Income Tax Rules On Insurance Reserves, David F. Bradford, Kyle D. Logue
The Influence Of Income Tax Rules On Insurance Reserves, David F. Bradford, Kyle D. Logue
Book Chapters
An insurance company is a financial intermediary whose main line of business is the sale of a particular type of contingent contract, called an insurance policy. Under this contract, the insurer promises to pay some amount to the policyholder, or to some other beneficiary, following the occurrence of an insured event. In the context of property-casualty insurance, the relevant insured events include, for example, the accidental destruction of the insured's property or the award of a liability judgment against the insured. In return for this promise the insured pays the insurer a premium. The premium and the earnings on the …
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The Taxpayer Relief Act of 1997 furnishes the courts and the Internal Revenue Service an opportunity to close certain loopholes in the federal tax consequences of assigning life insurance. About twenty years ago, we published an article arguing that the tax consequences of assigning life insurance affords taxpayers unwarranted opportunities for tax avoidance. Since then, developments in the case law and Internal Revenue Service rulings have broadened the loopholes. In the update of our article, we show how the new tax law supports our original position.